Ayala Land bags P4B ‘ITS South’ terminal project
PROPERTY giant Ayala Land Inc. has bagged the right to build and operate the P4-billion integrated transport system south terminal (ITS South) at the former FTI complex in Taguig, an infrastructure project under the government’s public-private partnership (PPP) program seen by the property firm as strategic to its mixed-use Arca South estate.
In a disclosure to the Philippine Stock Exchange on Tuesday, ALI said it had won the bid for ITS and would soon sign a 35-year concession agreement with the Department of Transportation and Communications (DOTC).
Apart from building and operating the terminal, ALI will likewise have the right to develop and operate commercial leasing facilities on the same 5.57 hectare former FTI property on which the future transport terminal will be built.
The ITS South project is right next to ARCA South, where ALI is developing an integrated mixed-use estate. This project is thus seen as crucial to improving access to ARCA South and bringing in foot traffic to the development.
“It is estimated that up to 4,000 buses and 160,000 passengers will feed into ITS South from SLEX (South Luzon Expressway) every day,” ALI said.
Construction of the ITS terminal will begin by May 2016 and is expected to be completed and ready for operation by October 2017, the property firm said.
Based on a briefer from the PPP Center, ITS South will connect passengers coming from the Laguna-Batangas side to other transport systems such as the future North-South Commuter Railway project (currently the Philippine National Railways), city bus, taxi, and other public utility vehicles that are serving inner Metro Manila. The project will include passenger terminal buildings, arrival and departure bays, public information systems, ticketing and baggage handling facilities, and park-ride facilities.
Under the terms of the partnership, ALI will undertake the design, construction, and financing of ITS South as well as the operation and maintenance of the whole facility. The concessionaire can also undertake commercial development and collect revenues generated from the project.
Last year, ALI unveiled the P80-billion masterplan for Arca South, its newest central business district project in the metropolis, which will be built on the 74-hectare lot likewise previously part of the FTI complex.